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12-Unit Apartment Building For Sale 10% Cap Rate 557-559 Ashland Ave Aurora IL 60505 SHARE
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Multifamily For Sale

557-559 Ashland Ave
Aurora, IL 


TYPE Multifamily
PRICE $795000
UNITS 12 (All 2Bds/1Bth)
BUILDINGS 2
FLOORS 3
OCCUPANCY 100%
CAP RATE 9.7%
CASH-ON-CASH 23.9%

Highlights


  • Fully Occupied with Long History of Low Vacancy
  • All Electric Building - Tenant Paid Heat/Hot Water
  • No Major Mechanical's - Avoid Significant Mechanical Maintenance and Repairs
  • All Above Grade 2-Bedroom / 1-Bathroom Units
  • Month-to-Month Leases Offering Flexibility to Renew/Raise/Renovate/Re-tenant
  • Strong Rental Market in Close Proximity to Schools and Outdoor Entertainment

Description


Marcus & Millichap is pleased to present a fully-occupied 12-unit multifamily property located in Aurora, Illinois; offering a generous cap rate and cash-on-cash rate of return.

Ideal investment opportunity to own a stabilized 12-unit multifamily property on Aurora's southeast side close to Montgomery. Cost effective and efficient to maintain with limited mechanical's; each two-bedroom unit having separately metered electric baseboard heating, separate electric hot water tanks and tenant owned sleeve air condition units.

The property is within the Aurora city limits requiring annual inspections and has a recently renewed certificate of occupancy and to code. Higher maintenance and supply costs are accounted for in proforma figures as units have some deferred maintenance and priced accordingly. There is upside in further rental increases over the proforma rents should a buyer want to upgrade units.

All leases are currently month-to-month offering the flexibility to secure annual leases, increase rents or renovate and re-tenant units if desired. Annual leases can be secured as a purchase contingency if required for underwriting. 

Map Overview


 

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